Overview

• Adjusted EPS came in at $0.69 versus a $0.66 consensus, with quarterly revenue of $8.93 billion up 4% sequentially and down 3% year over year.
• ChampionX contributed $579 million of revenue in the quarter, including $387 million from North America and $171 million from international markets.
• Reported North American revenue rose to $1.93 billion, up 17% sequentially and 14% from a year earlier, largely reflecting the two-month ChampionX contribution.
• On a pro forma basis assuming a January 1, 2024 closing, North America revenue would have fallen about 5% due to the Canada APS divestiture and a sharp decline in U.S. land drilling activity.
• International revenue was flat sequentially and down 7% year over year, and management expects an eventual activity rebound led by international markets supported by anticipated OPEC+ production releases.